8. A monopolistically competitive firm in long-run equilibrium

a. makes an economic profit equal to its normal profit.

b. has few competitors, because many firms will have shut down.

c. produces at an output level where its demand curve is tangent to its ATC curve.

d. produces at an output level where P ¼ MC.

e. loses its distinction of producing a differentiated product, because there are so many firms producing so many good substitutes.